Report: Consumer digital payments preferences in South Africa
We recently surveyed consumers in South Africa to better understand their online purchasing and payments preferences, reasons for choosing one app or platform over another and how they perceive new payment methods.
Over the last few years, South Africa has seen a dramatic rise in online spending, which only continues to grow. The e-commerce market in particular is predicted to reach more than R400 billion annually by 2025, from more than 1 billion transactions.
Consumers are becoming increasingly savvy and continue to demand more from their checkout and payments experience. And they’re demonstrating these preferences through the brands and platforms they choose to shop with.
As competition grows and options increase, trust and security – and a friction-free experience – have the potential to significantly differentiate brands from the competition.
Stitch recently surveyed consumers in South Africa to better understand their online purchasing and payments preferences, reasons for choosing one app or platform over another and how they perceive new payment methods such as Instant EFT.
A sneak peek at our top findings
The continued rise of online purchasing
Online shopping continues to soar, with 44% of respondents indicating they pay for something online at least once a week.
Instant EFT remains the fastest-growing payment method
While card remains the preferred payment method, Instant EFT has quickly become a close second, rising well above methods such as manual EFT, debit order and mobile wallet.
User experience and trust are key factors when deciding where to shop
As consumers become more comfortable making digital purchases, and businesses find ways to better meet their needs, a positive user experience and trust in the brand are becoming major differentiators in an increasingly competitive e-commerce environment.
Easy checkout and seamless refunds indicate a positive shopping experience
More than half of respondents said the ability to pay quickly and easily would influence where they decide to shop and whether they’ll return.
Get the data you need to make smart payment decisions for your business
Get your copy of the full report
